REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2023 |
FOR |
J & K SHEETMETAL LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2023 |
FOR |
J & K SHEETMETAL LIMITED |
J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
J & K SHEETMETAL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MAY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Westgate House |
87 St Dunstans Street |
Canterbury |
Kent |
CT2 8AE |
J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544) |
BALANCE SHEET |
31ST MAY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS | 13 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544) |
BALANCE SHEET - continued |
31ST MAY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2023 |
1. | STATUTORY INFORMATION |
J & K Sheetmetal Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The company's functional currency is the Pound Sterling (£). |
The principal activity of the company was that of precision metalwork and specialist welding services. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transactions will flow in the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
Tangible fixed assets |
Freehold Improvements | - |
Plant and machinery | - |
Office and photographic equipment | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Freehold property with improvements is depreciated over an estimated useful life of 50 years. However, as the residual value of the freehold property exceeds the carrying amount shown in the financial statements no depreciation charge has been provided. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Amounts recoverable on contracts is stated at the lower of cost plus attributable overheads, and estimated selling price less costs to complete and sell, less progress payments made. |
Cost is defined as the actual cost of raw materials and an appropriate proportion of labour and overheads in the case of amounts recoverable on contracts. |
J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Freehold | Plant and |
property | Improvements | machinery |
£ | £ | £ |
COST |
At 1st June 2022 |
Additions |
At 31st May 2023 |
DEPRECIATION |
At 1st June 2022 |
Charge for year |
At 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
Office |
and |
photographic | Motor |
equipment | vehicles | Totals |
£ | £ | £ |
COST |
At 1st June 2022 |
Additions |
At 31st May 2023 |
DEPRECIATION |
At 1st June 2022 |
Charge for year |
At 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1st June 2022 |
and 31st May 2023 |
DEPRECIATION |
At 1st June 2022 |
Charge for year |
At 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Raw materials and consumables |
Work-in-progress |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 27,625 | 50,192 |
Other creditors |
Company credit card | 2,138 | 2,562 |
Directors' current accounts | 2,014 | 3,117 |
Accruals |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Hire purchase contracts (see note 9) |
Directors' loan accounts | 166,000 | 206,000 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 161,556 | 199,784 |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
9. | LEASING AGREEMENTS - continued |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 54,527 | 76,536 |
The Bank loan is secured by a legal charge over the freehold property owned by the company. The charge also contains a negative pledge, with the chargor acting as a bare trustee for the property. |
£150,000 stated as bank loan relates to a Coronavirus Business Loan which is guaranteed by the government. |
Fixed and floating charges are also held by the company's bankers over all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery. |
Obligations under Finance Leases and Hire Purchase Contracts are secured on the assets concerned. |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The Company occupies leased premises which are owned by the Directors and their family. Rental payments in the year amounted to £22,000 (2022 £26,125). |
The Company occupies leased premises which are owned by a Self Invested Personal Pension Scheme. One of the Company's Directors has benefits accruing in this pension scheme. Rental payments are paid on an arms length basis at full market rates. |
12. | POST BALANCE SHEET EVENTS AND GOING CONCERN |
The company expects to have adequate resources available to meet its obligations for at least the next twelve months and therefore the directors consider it appropriate to prepare the financial statements on a going concern basis. |
J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2023 |
13. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
2023 | 2022 |
£ | £ |
Profit for the financial year |
Dividends | ( |
) | ( |
) |
Net reduction of shareholders' funds | (70,233 | ) | (75,183 | ) |
Opening shareholders' funds | 119,098 | 194,281 |
Closing shareholders' funds | 48,865 | 119,098 |